Soul Parking raises Series A extension to fuel growth for innovative parking solutions in Indonesia

  • Funds will fuel expansion, hiring, product upgrades, and brand growth
  • Plans to deepen presence in existing markets, enter new urban areas across Indonesia

L to R): Andru Wijaya, co-founder & CBO Soul Parking; Kenneth Darmansjah, co-founder & CEO; and Unggul Depirianto, CTO.

Soul Parking, a leading parking management service provider transforming urban parking infrastructure through technology in Indonesia, has announced the completion of a Series A extension round of financing co-led by AppWorks and AC Ventures, with participation from Taiwan Mobile, USPACE, and Wavemaker Ventures, the early-stage fund of Wavemaker Partners.

In a statement, the company said the financing will support growth initiatives, including expansion into high-density cities, recruitment, product enhancement, and marketing to boost brand visibility and user growth. Soul Parking also plans to deepen its presence in existing markets, enter new urban areas across Indonesia, cater to a wider range of vehicle types, and explore opportunities in the electric vehicle sector. Ultimately, the company aims to contribute to Indonesia’s sustainable urban development by reducing congestion, lowering emissions, improving accessibility, and enhancing the overall parking experience for drivers.

Soul Parking leverages technology to modernise traditional parking systems, offering an efficient and hassle-free digital parking experience for property owners and users. Its asset-light model incorporates real-time data analytics and cashless payment options, enabling better parking space utilisation and increased revenue for parking operators.

For property owners, Soul Parking provides innovative solutions that optimise urban parking infrastructure, create new revenue streams, and increase parking capacity in dense areas by up to eight times compared to conventional methods. For drivers, the company delivers a seamless, cashless, and convenient parking experience, eliminating the challenges of traditional parking systems.

Soul Parking’s innovative products and services include: 

  • Compact motorcycle storage: Portable multi-level parking solutions for two-wheeled vehicles.
  • Soul Parking operating system: Cloud-based software that digitises existing parking structures for both two- and four-wheeled vehicles, offering real-time data analytics and transparent data sharing.

The company states it can transform a 60m² area into multi-level parking, significantly reducing congestion and increasing capacity. Its elevated parking system ensures insurance coverage for every parked vehicle and CCTV monitoring for added security.

Since its inception, Soul Parking claims to have on boarded over 100 partners, including property owners and management companies, processing more than 20 million parking transactions annually. Its solutions are implemented in apartments, hospitals, commercial centres, recreational areas, and residential complexes, with over two million vehicles parked through its system to date.

“This fundraising round not only reflects the strength of our business fundamentals and the resilience of our team but also highlights the immense potential within the parking industry. We appreciate the trust and shared vision of our investors, whose support enables us to fast-track innovation and deliver impactful solutions, positioning us to redefine urban mobility for the future,” said Kenneth Darmansjah, co-founder and CEO of Soul Parking.

“Soul Parking is tackling a critical challenge in Indonesia’s urban landscape by creating efficient and sustainable parking solutions. Their tech-driven approach improves the parking experience for drivers while optimising land use and reducing congestion in densely populated cities. We are particularly impressed by Darmansjah’s commitment to using technology to address real-world problems,” said Jamie Lin, chairman and partner at AppWorks.

Lin added, “The Soul Parking team has demonstrated execution and a deep understanding of the mobility market. This, combined with their clear vision for the future of urban mobility, makes them an ideal partner for AppWorks. We are excited to support their journey as they scale their impact and redefine urban mobility in Indonesia and beyond.”

“Parking management is a substantial sector in Indonesia. Through its innovative solutions, Soul Parking offers cost-efficient and accountable services to property owners while providing a seamless experience to parking customers. With over 20 million transactions processed and partnerships with more than 100 property owners, Soul Parking operates at scale and is well-positioned to compete effectively in this growing market,” said Michael Soerijadji, founder and managing partner at AC Ventures.

“With 137 million motorcycles across Indonesia and a severe shortage of parking spaces, illegal parking has become widespread, worsening traffic congestion and causing economic losses—Jakarta alone loses approximately US$30 million (RM133 million) annually. Soul Parking’s vertical motorcycle parking system, equipped with real-time tracking, optimises land use and enhances efficiency and transparency in parking management across Indonesia. We’re proud to continue supporting the company as they tackle this critical problem and expand their services nationwide,” said Paul Santos, co-founder and managing partner at Wavemaker Partners.

 


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